The dollar-to-naira exchange rate remained under close watch on Wednesday, September 2, 2026, as the naira traded at different levels across Nigeria’s official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market (NFEM), the Central Bank of Nigeria’s latest available data showed the naira trading at N1,329.43 to the US dollar on September 1, with the currency closing at N1,329.00 per dollar. The NFEM rate is calculated using the volume-weighted average of transactions in the official market.
This means that the latest official NFEM rate puts $1 at about N1,329.43, while $100 is equivalent to approximately N132,943.
Meanwhile, the parallel market continued to quote the dollar above the official NFEM level.
Live data published on September 2 by Aboki Forex showed the dollar buying at about N1,400 and selling at N1,405 in the parallel market.
Another market tracker, NairaToday, placed the parallel-market dollar around N1,410 per dollar, illustrating the variation that can occur among dealers and locations in the unregulated market.
The difference between the official NFEM rate and the parallel-market quotations reflects the continuing gap between regulated foreign exchange transactions and rates determined by supply and demand outside the formal banking system.
For Nigerians buying or selling foreign currency, the actual rate may vary depending on the dealer, location, transaction size and prevailing market conditions. Parallel-market rates can change several times during the day.
As of September 2, therefore, the latest official NFEM benchmark was about N1,329.43/$1, while the parallel market was quoting the dollar in the region of N1,400-N1,410.
The rates are subject to further movement as forex trading continues during the day.
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